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3 1223 06354 3681 



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\ancisco Public Library 

AND COUNTY OF SAN FRANCISCO 

•?:-..:. / ' ' ' CALIFORNIA 

FINANCIAL STATEMENT 

RENCE BOOK As AT mRCH ^ 1946 

e taken from the Library 

1945-1946 TAX COLLECTIONS 
AS AT APRIL 20, 1946 






NOV 1 S IH6 

3 stunoN 



REF 
352.1 
Sa52ca 
1946 



HARRY D. ROSS 
CONTROLLER 



GENERAL COMMENTS 

CHARTER PROVISIONS CONTROLLING EXPENDITURES 

The budgets for all fiscal years, since the adoption of the present 
charter which became effective January 8, 1932, have been balanced on a 
cash basis. The pertinent fiscal provisions of the charter in this regard 
are: 

Section 72 of the charter which requires that: 

The several items of expenditure appropriated in each annual appro- 
priation ordinance, being based on estimated receipts, income or revenue 
which may not be fully realized, it shall be incumbent upon the Controller 
to establish a schedule of allotments, monthly or quarterly as he may 
determine, under which the sums appropriated to the several departments 
shall be expended. The Controller shall revise such revenue estimate 
monthly. If such revised estimates indicate a shortage the Controller 
shall hold In reserve an equivalent amount of the corresponding expendi- 
ture appropriations set forth in any said annual appropriation ordinance 
until the collection of the amounts as originally estimated Is assured, 
and in all cases where it Is provided by this charter that a specified or 
minimum tax shall be levied for any department the amount of such appro- 
priation herein provided derived from taxes shall not exceed the amount 
actually produced by the levy made for said department. 

Section 86 of the charter which requires that: 

No obligation involving the expenditure of money shall be Incurred 
or authorized by any officer, employee, board or commission of the City 
and County unless the Controller first certify that there Is a valid 
appropriation from which the expenditure may be made, and that sufficient 
unencumbered funds are available in the treasury to the credit of such 
appropriation to pay the amount of such expenditure when it becomes due 
and payable. 



ASSESSED VALUATIONS 



1942-43 



1943-44 



1944-45 



1945-46 



Total Valuations 
subject to City 
and County Rates $831,413,397 $ 832,997,134 $ 843,441,418 $ 846,622,876 

Solvent Credits 
(Taxed at 10/ 
per C) 260,493,393 343,224,623 348,939,431 370,051,995 



Total Assessment 
Roll $1,091,906,790 $1,176,221,757 $1,192,380,849 $1,216,674,871 



Total Tax Rate (City, 
County and School 
District) per $100. 
Valuation 



:.48 



.36 



:.69 



:.83 



BASIS OF ASSESSMENT 

The State Board of Equalization, on the basis of independent 
appraisals made under its direction, states that the average ratio of assess- 
ed to true value is approximately 50$. 



TAX COLLECTIONS AND TAX DELINQUENCY 



Uncollected at June 30 
End of Year of Levy 



Uncollected at 
March 31, 1946 



Fiscal Year 


Total Levy 
$32,575,922 


Amount 
$390,407 


% 

1.19 


Amount 
$ 37,324 


t 


1939-40 


.11 


1940-41 


35,162,784 


367,339 


1.04 


58,485 


.17 


1941-42 


36,469,224 


354,994 


.97 


90,429 


.25 


1942-43 


37,469,083 


288,158 


.76 


89,144 


.24 


1943-44 


36,797,771 


254,508 


.69 


89,779 


.24 


1944-45 


39,574,124 


262,652 


.66 


112,812 


.27 


* 1945-46 


41,133,853 











* Refer to schedule on next page for detail of collections and delinquency. 



CITY AND COUNTY OP SAN FRANCISCO 
TAX COLLECTIONS AND TAX DELINQUENCIES 

AS AT APRIL 20, 1946 



Percent 
Delinquent 

Charged Collected Delinquent 1945-46 1944-45 

Secured Rolls 
Solvent Credits | 63,445.79 $ 63,430.23 $ 15.56 .025 .248 

Tangible Personal 

Property 1,827,874.94 1,826,756.79 1,118.15 .061 .115 

Real Estate, 

1st Installment 17,160,029.63 17,009,779.56 150,250.07 .876 .782 

Real Estate, 

2nd Installment 17,160,029.63 16,489,804.82 670,224.81 3.906 3.316 

Total Secured $56,211,379.99 $35,589,771.40 $821,608.59 2.269 1.940 

Unsecured Rolls 
Solvent Credits $ 306,713.38 $ 306,499.49 $ 213.89 .070 .214 

Tangible Personal 
Property 4,615,759.51 4,492,311.20 123,448.31 2.674 1.605 

Total Unsecured $ 4,922,472.89 $ 4,798,810.69 $123,662.20 2.512 1.522 
GRAND TOTAL $41, 133,852.88 $40,188,582.09 $945,270.79 2.298 1.894 



Note: First Installment delinquent December 5, 1945 
Second Installment delinquent April 20, 1946 
Unsecured delinquent September 1, 1945 



BONDED DEBT 



The bonded debt of San Francisco conaists entirely of general obliga- 
tion bonds which are payable from unlimited ad valorem taxes and from utility 
revenues. All bonds mature serially. No default in payment of principal 
or interest has ever occurred on any City and County of ' San Francisco bonds. 



BONDED DEBT AS AT MARCH 31. 

Outstanding 

March 31, 

1946 



General Purpose Bonds 

School Bonds 

TOTAL GENERAL CITY BONDS 

Public Service Enterprises: 

Water and Power: 

Water (Spring Valley purchase, 
1933 Water Distribution, and 
1942 Water Works System) 

Hetch Hetchy Project 
(Water and Power) 

Municipal Railway 
Airport 

TOTAL P.S.E. BONDS 
Total Bonded Debt (Unmatured) 

Matured Bonds (Not presented for 

payment ) 
TOTAL BONDED DEBT OUTSTANDING 



$ 21,488,000 
7,140.000 



1946 

Redeemed 

(Sold) 

July 1 to 

March 51 

($4,000,000) 

2,577,000 

580 , 000 



Outstanding 
June 30 
1945 
$ 20,065,000 

7,720.000 



28,628,000 ( 845,000) 27,785,000 



29,498,000 

50.450.000 

79,948,000 

700,000 

5,855,000 

86,503,000 
115,131,000 

124 . 600 

$115,255,600 



1,563,000 

2.025.000 

5,588,000 

100,000 

( 5,000,000) 

285.000 

( 1,027,000) 

($1,870,000) 



51,061,000 

52,475.000 

85,556,000 

800,000 

1,140,000 

85,476,000 
1115,261,000 



Unsold Bonds. March 31. 1946 
1942 Water Works System 
1944 Juvenile Home and Court 

1944 Sewer 

1945 Airport 



500,000 

1,250,000 

8,000,000 

15.000.000 

$ 24,750,000 



Section 104 of the Charter provides that the bonded debt, exclusive of i 

(a) Debt Incurred for water supply, storage, or distribution purposes and 

(b) Debt heretofore incurred in aid of the Panama Pacific International 
Exposition (This issue has been fully redeemed) and 

(c) Debt incurred for the purpose of financing public improvements, the 
cost of which is to be assessed against private property benefited 
thereby (To date no such bonds have been issued) shall not exceed 12$ 
of the assessed value of all real and personal property in the City 
and County, subject to City and County taxes. 



STATEMENT OF BONDING CAPACITY 
As at March 31, 1946 

12$ of Assessment Roll of $1,216,674,871 for 1945-46 

Bonded Debt not Matured - March 31, 1946 $115,151,000 

Bonded Debt not Matured - March 51, 1946 

(Exempt from 12$ limit) 79.948.000 

Deduct: Unsold Bonds not Exempt from 12$ Limit 

LIMIT OF FUTURE BOND ISSUES 



$146,000,984 



35.185.000 

110,817,984 

24,250,000 

$ 86,567,984 



BOND INTEREST AND REDEMPTION REQUIREMENTS 
FOR FISCAL YEAR ENDED JUNE 30, 1946 



Total 



General City: 
General Purpose 
Schools 

TOTAL GENERAL CITY 



Public Service Enterprises: 
Water and Power: 

Water (Spring Valley purchase, 
1933 Water Distribution, and 
1942 Water Works System) 
Hetch Hetchy Project 
(Water and Power) 

Municipal Railway 
Airport 

TOTAL P. S. E. 

TOTAL BOND INTEREST REDEMPTION 
REQUIREMENTS 



Bond Bond 
Interest Redemption 



3,717,053 $ 840,053 $2,877,000 
926,535 346,535 580,000 



4,643,588 1,186,588 3,457,000 



3,139,180 

4,576,280 

7,715,460 
137,500 
304,420 



1,326,180 1,813,000 



2,351,280 

3,677,460 
37,500 
19,420 



2,225,000 

4,038,000 
100,000 
285,000 



8,157,380 3,734,380 4,423,000 



* $12,800,968 $4,920,968 $7,880,000 



* Includes estimated interest and redemption requirements for bonds which* 
may be sold during 1945-46, but is not included in the schedule of Annual 
Bond Interest and Redemption Requirements shown on the following page. 

The funds for bond interest and redemption requirements are financed in 
the budget as follows: 



General City: 

General Purposes 
Schools 

TOTAL GENERAL CITY 

Public Service Enterprise 
Water and Power: 
Water 

Hetch Hetchy Project 
(Water and Power) 

Municipal Railway 
Airport 

TOTAL P. S. E. 





Total 

3,717,053 
926.535 

4,643,588 


$3 

$4 


Taxes 

,616,257 
926.535 

,542,792 


Self-Supp< 
Amount 


>rting 
% 


Other 
Sources 


$ 




$100,796 


$ 


100.00 

89.28 

93.64 
100.00 


$100,796 


$ 


3,139,180 

4,576,280 

7,715,460 
137,500 
304,420 

8,157,380 


$ 
$ 


487,587 
487,587 

304,420 
792,007 


$3,139,180 

4,085,802 

7,224,982 
137,500 

$7,362,482 


$ 2,891 
2,891 


$ 


90.26 


$ 2,891 



TOTAL BOND INTEREST AND 
REDEMPTION REQUIREMENTS 



$12,800,968 $5,334,799 $7,362,482 57.52 $103,687 



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TAX ANTICIPATION NOTES 



These notes are Issued periodically to finance expenditures of the 
city during periods preceding tax collection dates. The amount of this 
debt outstanding at any one time is limited by the charter to 25$ of the 
total estimated tax receipts for the fiscal year. Such debt constitutes 
a first lien against taxes, regardless of when such taxes are received. 
Sums borrowed during the first half of any fiscal year must be paid prior 
to December 31; and prior to May 15 if borrowed during the second half of 
the year. 

The current cash position of the City and County of San Francisco 
was sufficient to finance operations without the necessity of borrowing 
funds through the sale of tax anticipation notes. 



UNFUNDED DEBT - MARCH 31. 1946 



Interest Maturities 



Relief Loan from the 
State of California 
dated November 16, 
1933 

Deferred Payment - 
Market Street Railway 
Purchase 



Original 

Amount 
of Loan 



Amount 
Unpaid 



4-1/4$ 1937-1946 $1,000,000.00 $ 100,000.00 



7,500,000.00 3,000,000.00 



EXTENSION OF MUNICIPAL RAILWAY 



A special election held May 16, 1944, authorized, by Charter Amend- 
ment, the extension of the Municipal Railway by acquisition of the Market 
Street Railway, at a total purchase price of $7,500,000.00 with a down pay- 
ment of $2,000,000.00 (which was paid on September 29, 1944) and the remain- 
ing balance of $5,500,000.00 is payable out of the revenues of the operat- 
ing properties of the acquired railway and may also be paid from the 
revenues of the Municipal Railway. Additional payments totaling $2,500,000 
have reduced the unpaid balance to $3,000,000 at March 31, 1946. The City 
and County of San Francisco cannot be obligated to pay any part thereof 
from any moneys derived from the levy or collection of taxes upon the tax- 
able property of the City and County, 



OVERLAPPING DEBT 

The City and County of San Francisco is wholly, or partially, over- 
lapped by the following: 

GOLDEN GATE BRIDGE AMD HIGHWAY DISTRICT 

This District issued $35,000,000 general obligation bonds for which 
San Francisco is liable for approximately 85$ of any deficiency in revenues 
to meet operating expenses and interest and redemption charges. The average 
interest rate is 4.34 percent, the bonds being payable as follows: 



Due Annually 

$ 200,000 

400,000 

800,000 

1,200,000 

1,600,000 

2,800,000 



July 1, 
July 1, 
Julv 1, 
July 1, 
July 1, 
July 1, 



1942-46 
1947-51 
1952-56 
1957-61 
1962-66 
1967-71 



Less: Bonds redeemed to July 1, 1945 
Bonds Outstanding March 31, 1946 



Total 

$ 1,000,000 

2,000,000 

4,000,000 

6,000,000 

8,000,000 

14,000,000 

35,000,000 

800,000 

$34,200,000 



The operating income and the annual requirements for bond interest 
for the fiscal years ended June 30, 1939 to June 30, 1945 are shown below i 



Year ended June 30, 1939 

Year ended June 30, 1940 

Year ended June 30, 1941 

Year ended June 30, 1942 

Year ended June 30, 1943 

Year ended June 30, 1944 

Year ended June 30, 1945 

ISLAIS CREEK RECLAMATION DISTRICT 



Operating 
Income 
$1,377,050.10 
1,603,971.45 
1,773,484.11 
1,824,585.16 
2,127,885.69 
2,030,102.59 
2,247,932.65 



Bond 
Interest 



11,519,500 
1,519,500 
1,519,500 
1,519,500 
1,510,650 
1,501,800 
1,492,950 



The Islais Creek Reclamation District was organized pursuant to a 
special act of the State Legislature, approved April 1, 1925, for the pur- 
pose of reclaiming land for industrial site purposes along Islais Creek 
Channel . 

Bonds outstanding March 31, 1946 total $468,000. The assessed valua- 
tion of the district is approximately $1,200,000. Land within the district 
is conservatively appraised at $2,200,000. 

STREET IMPROVEMENT BONDS 

The outstanding amount of street improvement bonds is estimated at 
$35,000. These bonds are direct liens against individual parcels of property 
within assessment districts. The city merely acts as the collecting agent. 

Joint Highway Districts 

The City and County of San Francisco has Joined other counties in 
the formation of joint highway districts for the purpose of constructing 
highways. 

San Francisco has a commitment for the unpaid prorata of estimated 
construction of $3,500,000 to be assessed by these districts. The assess- 
ments are being paid in annual installments from the State's apportionment 
of gasoline tax moneys; therefore no local taxes have been necessary. To 
date the annual assessments have been less than $150,000 per year. 



SUMMARY STATEMENT OF CURRENT FUNDS 
A3 at March 51. 1946 



RESOURCES 

Cash 

On deposit with Treasurer 

Less: Warrants outstanding 
and matured bonds 
and coupons 

Cash in Transit 



Taxes Receivable, Penalties 
and Interest 

Current Year 

Prior Years 

Less: Reserve for unsecured 
delinquent taxes and 
penalties (100$) 



Revenues Receivable Other 
Than Taxes, and Estimated 
Revenues 

Interfund Accounts 



LIABILITIES AND FUND BALANCES 

Contracts and purchase orders, 

etc . 

Reserves (Other than Taxes) 

Deferred Credits 

Interfund Accounts 

Fund Balances 

Unencumbered Appropriations 

Unappropriated Balances 

Cash Reserve Fund -it- 



Total 



General 
City 



Public 

Service 

Enterprises 



,255,297.59 $16,226,826.66 $12,028,470.95 



1.801.056.55 1.575.575.81 425.660.54 

26,454,261.24 14,851,450.85 11,602,810.59 

256,909.02 171,855.92 85,055.10 

26,711,170.26 15,025,306.77 11,687,863.49 



12,698,060.59 
1,256.066.82 



12,364,200.96 
1.236.445.74 



355,859.65 
19,621.08 



15,954,127.41 13,600,646.70 



972.766.25 



961.330.41 



.621.08 
355,480.71 

11,455.82 



12,981,561.18 12,639,516.29 342,044.89 



16.643.058.78 
* 8,570,778.65 



7,165,498.06 9,477,560.72 



$64,906,568.85 



5,245,649.28 
tO, 071, 770^40 



5,527,129.55 
>4, 854, 598.45 



$ 6,956,964.18 $ 3,777,872.76 $ 3,179,091.42 
139,947.95 85,920.75 54,027.20 



879,799.57 



789,817.84 



89,981.55 



10,971,482.58 6,255,642.86 4,757,859.72 

42,050,376.84 25,420,611.25 16,609,765.59 

248,020.83 84,127.84 163,892.99 

3,679,777.10 5.679.777.10 

45,958,174.77 29,184,516.19 16,775,658.58 

£64,906,568.85 $40,071,770.40 $24,854,598.45 



■«■ Includes accounts with bond and trust funds. 
*■» Includes bond interest and redemption requirements for balance of year 
1945-46. 
#-*■«• Created for the purpose of making temporary loans in anticipation of 
revenues. 



3 1223 06354 3681